Determined that the cost of supplies on hand

Assignment Help Accounting Basics

Reference no: EM131018787

Transactions:

On june 1 of the current year, Bret eisen established a business to manage rental property. He completed the following transactions during June:

A. Opened a business bank account with a deposit of 30000. from personal funds.
B. Purchased office supplies on account, $1,200.
C. Received cash from fees earned for managing rental property, $7200.
D.Paid rent on office and equipment for the month, $3000.
E.Paid creditor on accounts,$ 750.
F. Billed customers for fees earned for managing rental property, $ 5000.
G. Paid automobile expenses (including rentalcharges) for month, $600, and miscellaneus expenses,$ 300
H. Paid office salaries, $1800.
I. Determined that the cost of supplies on hand was $ 700; therefore, the cost of supplies used was $500.
J. Withdrew cash for personal use,$ 1500.

REQUIRED:

1. Indicated the effects of each transaction and the balances after eachtransaction:
For those boxes in which no entry is required , leave the box blank.
For those boxes in which you must enter subractive or negative numbers use a minus sign
A CHART OF YOUR WORK//////////
2. Ownersequity is the right of owners to the assets of the business.These rights are ______ by owners investments and revenues and _______ by owners withdrawals and expenses.
3. Determine the net income for June _______.
4. How much did Junes transactions (a-j) increase or decrease Bret Eisens capital? ________ by $ ___________.

Reference no: EM131018787

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